Equity Residential Submits Plans for 200+ Additional Apartments, Including 25 Below-Market Rate, at Reserve at Mountain View

Plans Add Below Market Rate Apartments For At Least 55 Years Where None Exist Today; Adds Expansive Rooftop Amenity Terrace and Fitness Center to Community

Mountain View, CA (April 15, 2019) – Much has been written about the inverse proportion of housing compared to job growth in Silicon Valley, with numerous studies to back those assertions. As part of its effort to find solutions at its existing communities, Equity Residential has submitted plans to the City to add 200+ apartments to its Reserve at Mountain View Apartments, including the addition of 25 below market rate [BMR] residences, announced John Hyjer, First Vice President Investments and Development, Equity Residential. Currently, the community has no BMR units among its 180, one- and two-bedroom apartments.

Once approved and completed, the new BMR apartments will be offered at a price below the current rent-controlled rates at Reserve at Mountain View, and will remain BMR for at least 55 years. With the Reserve at Mountain View community covering nearly 10-acres, only 42 existing apartments will need to be vacated to make way for the new addition. Residents who have incomes less than 120% AMI are not only being offered to have their relocation expenses covered, they have the choice on a first-come, first-served basis to relocate to a like-kind apartment at Reserve at Mountain View, or one of three other Equity Residential apartment communities in nearby Sunnyvale, where they will continue to enjoy their rent-controlled rate for three years, explained Hyjer.  He went on to add that instead of relocation, eligible residents can also avail themselves of a cash buy-out option 50% higher than the City requires.

Hyjer further clarified that all relocating residents, regardless of age or disability, are being given more than a full year to select the alternative housing option that best fits their needs – allowing for ample time to evaluate options and work with Equity Residential’s relocation coordinator.
The remaining 138 apartments within the 1965-era community have all been renovated or are in the process of being upgraded with new kitchens, quartz countertops, subway tile backsplashes, dishwashers, stainless steel appliances, new bathrooms, air conditioning, double pane windows, in-unit washers and dryers, honey oak hard surface flooring, and more.

“We know that existing and future tenants at Reserve at Mountain View Apartments will be very pleased with the new apartments and amenities. Not only are we creating an approximately 3,200 square-foot rooftop amenity terrace with an outdoor kitchen and lounge seating, we’re also adding a new 1,800 square-foot fitness center and upgrading the lifestyle at the community overall,” Hyjer concluded.

Construction on the new apartments is anticipated to begin in 2Q 2020, with estimated completion in 2022. The architect for the new apartments is Steinberg Hart and the landscape architect is San Francisco-based MFLA.

About Equity Residential

Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties located in urban and high-density suburban markets where today’s renters want to live, work and play. Equity Residential owns or has investments in 310 properties consisting of 80,061 apartment units, primarily located in San Francisco, Boston, New York, Washington, D.C., Seattle, Southern California and Denver. For more information on Equity Residential, please visit our website at www.equityapartments.com.

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